July 23, 2024

Itaconic acid Market driven by increasing demand from the synthetic latex industry

Itaconic acid is an organic compound produced as a fermentation product with various industrial applications. It is used as a monomer for producing synthetic latex which finds application in paper coating, adhesives, carpet backing, and textiles industries. The superior properties of synthetic latex produced using itaconic acid such as flexibility, durability, and water resistance has increased its demand from these end-use industries globally. Itaconic acid is used to produce polymers like polyitaconic acid which acts as strengthening additives and binders in concrete, plaster, paints and coatings. The chemical stability of itaconic acid derivatives makes them ideal for use in personal care products, pharmaceuticals and agrochemicals as well.

The global Itaconic acid Market is estimated to be valued at US$ 134.1 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the itaconic acid market is the increasing R&D towards developing new applications. Itaconic acid has demonstrated potential for producing polymethylmethacrylate (PMMA) materials which can replace traditional petroleum-based polymers. Ongoing research is exploring the derivatisation of itaconic acid for developing resins, plasticizers, and superabsorbent polymers. This will offer manufacturers opportunities to produce novel specialty chemicals from itaconic acid. Another trend is the capacity expansion by leading producers to cater to the rising demand. Key players like Itaconix Corporation are investing in developing large-scale fermentation and downstream processing facilities which will help establish global supply networks and commercial production capacities.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low as the market for itaconic acid is dominated by few key players and requires significant capital investment to set up manufacturing facilities.

Bargaining power of buyers: The bargaining power of buyers is high as itaconic acid is widely used in many applications providing buyers with substitutes.

Bargaining power of suppliers: The bargaining power of suppliers is low as raw materials for itaconic acid production are commodity chemicals and widely available.

Threat of new substitutes: The threat of new substitutes is moderate as itaconic acid has properties that are difficult to replace, however alternatives continue to emerge.

Competitive rivalry: The competitive rivalry is high due to presence of few large players globally.

Key Takeaways

The global itaconic acid market is expected to witness high growth over the forecast period due to rising demand from construction and detergent applications. The global Itaconic acid Market is estimated to be valued at US$ 134.1 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030.

Regionally, Asia Pacific region currently dominates the global market and is expected to witness fastest growth owing to increasing production capacities in countries like China and India. Asia Pacific region currently accounts for more than 50% of the global itaconic acid market demand led by China. The region is witnessing largest capacity additions by domestic players to cater to the rising local demand. Countries like India are also expected to witness double digit growth in demand over the forecast period.

Key players – Key players operating in the itaconic acid market are Itaconix Corporation, Jinan Huaming Biochemistry Co. Ltd., Qingdao Langyatai Group Co. Ltd., Zhejiang Guoguang Biochemistry Co., Ltd., Alpha Chemika, Chengdu Jinkai Biology Engineering Co., Ltd., Ronas Chemicals Ind. Co., Ltd., Iwata Chemical Co., Ltd., Shandong Kaison Biochemical Co., Ltd., Aekyung Petrochemical Co. Ltd., Spectrum Chemical Manufacturing Corp., FUJIFILM Wakao Pure Chemical Corporation, Ultimate Chem India Pvt. Ltd., Choice Oraganochem Lip., and Alfa Aesar.